Finance calculators

College Savings Calculator

Updated Sep 10, 2026 By Infinity Calculator
Rate Formulas Sources

About Your Child

Child's Current Age
Every year of compounding counts.
Time until college: 10 years
Two years for most associate programs, four for a bachelor's degree.

Estimated College Costs

Type of College
$
Include tuition, fees, and room & board. Editing this switches the preset to a custom value.
%
College costs have historically risen about 2–3% per year. You can adjust this assumption.

Financial Aid & Coverage Goal

$
Used to estimate need-based scholarships and grants.
$
Estimated based on your income and college type. Adjust as needed.
Percentage of Remaining Costs to Cover from Savings
On average, families cover about 50% of college costs from personal savings and investments. The rest may come from loans, work-study, or other sources.
Your current savings plan is on pace to cover 0% of net college costs.

Your Savings

$
Include any 529 accounts, savings bonds, custodial accounts, or other funds set aside for college.
$
Contributions are assumed to rise 2.5% each year to keep pace with inflation.
%
Average annual growth of invested savings — a balanced portfolio might average 5–7% over time. Rate is adjusted downward as college approaches to reflect a more conservative investment mix.

What to Expect — Your Projection

Calculating your projection…
Estimated Total College Cost$0
inflation-adjusted
Expected Scholarships & Grants$0
across all college years
Your Savings Goal$0
coverage target
Projected Savings at College Start$0
balance in year 1
Savings Gap$0
vs. your goal
Years Until College0
until first tuition bill
Projected Balance vs. Coverage Target, by College Year
Savings Growth Until College Starts
Year-by-Year Detail (chart data as a table)
College Year Child's Age Inflation-Adjusted Cost Scholarships & Grants Net Cost Coverage Target Projected Balance at Start Status

How to Save — Reaching Your Goal

Required Monthly Contribution
$0 / month
Adjust Monthly Savings to See the Impact
Adjust Monthly Savings to See the Impact
This slider is linked to the "Monthly Savings Contribution" field above — moving either one updates the other and re-runs every projection.
Target Coverage Percentage
Step-by-Step Solution

Introduction

College costs money, and prices go up every year. This College Savings Calculator shows you how much you may need and how much to save each month to get there.

Just fill in a few facts: your child's age, the type of school, and what you save now. The calculator adds in cost increases, grants and scholarships, and the growth of your money over time. Then it tells you if you are on track.

You will see:

  • The total cost of college by the time your child starts
  • Your savings goal, based on how much you want to cover
  • What your savings will grow to
  • Your gap or extra, plus the monthly amount needed to hit your goal

Charts, a year-by-year table, and step-by-step math show how each number is found. Move the sliders to test new plans and see the change right away. Even small monthly savings can grow a lot when you start early.

How to use our College Savings Calculator

Enter your child's age, the type of college you expect, your savings, and how much you put away each month. The calculator shows your total college cost, your savings goal, what your savings will grow to, and the monthly amount you need to hit that goal.

Child's Current Age: Drag the slider or type your child's age today. The tool counts the years left until age 18.

Expected Years in College: Use the plus and minus buttons to pick how many years your child will study. Pick 2 for most associate degrees and 4 for a bachelor's degree.

Type of College: Tap one of the four buttons: public in-state, public out-of-state, private, or community college. Each one fills in an average yearly cost for you.

Annual College Cost: Change this if you have a better number. Add tuition, fees, and room and board for one year. Editing it turns the preset into a custom cost.

Expected Annual Cost Increase: Type how fast you think college prices will rise each year. Most people use 2% to 3%.

Annual Household Income: Enter your family's yearly income before taxes. This helps the tool guess your need-based aid.

Expected Annual Scholarships & Grants: Enter free money your child may get each year. Click "Re-estimate" to let the tool guess it again from your income and college type.

Percentage of Remaining Costs to Cover from Savings: Slide to the share of the leftover bill you want your savings to pay. Most families aim for about 50% and cover the rest with loans, jobs, or current income.

Current College Savings: Enter what you have saved now, like a 529 plan, savings bonds, or a custodial account.

Monthly Savings Contribution: Enter what you add each month. The tool assumes this amount grows 2.5% a year.

Expected Annual Rate of Return: Type the yearly growth you expect on your invested savings. A mixed portfolio often averages 5% to 7%, and the tool lowers this rate as college gets closer.

Click Calculate to see your results, or use the monthly savings slider in the results to test new amounts. Click Reset to start over.

Saving for College

College costs money, and prices go up almost every year. Saving early is the best way to pay for it. When you save early, your money has more time to grow. That growth is called compound interest, and it does a lot of the work for you.

What College Costs

The full price of college is more than tuition. It also includes fees, housing, meals, books, and supplies. Here are the 2025-26 national averages for tuition, fees, housing, and food:1

  • Community college (2-year): about $15,000 per year.1
  • Public in-state (4-year): about $25,850 per year.1
  • Public out-of-state (4-year): about $45,780 per year.1
  • Private (4-year): about $60,920 per year.1

In 2025-26, average published tuition and fees rose 2.7% to 4.0% depending on the type of college, before adjusting for inflation.1 So a school that costs $25,850 today may cost much more by the time your child starts.

Scholarships and Grants

You do not have to save the full price. Scholarships and grants are free money you never pay back. Grants are often based on family income, so families who earn less usually get more. Merit scholarships are based on grades, sports, art, or other skills, so a strong GPA and solid SAT or ACT scores can be worth real money. Take the total cost, subtract this free money, and what is left is your net cost.

You Do Not Need to Save 100%

Most families pay for college from more than one place. In the How America Pays for College 2026 study, parent income and savings covered 39% of college costs, and families paid 49% of the total out of pocket.2 The rest can come from:

  • Student and parent loans
  • Money the student earns from a job or work-study
  • Money paid from current income while the child is in school
  • Help from grandparents or other family

Picking a coverage goal, like 50%, makes your savings target smaller and easier to hit.

Where to Put Your Savings

A 529 plan is the most popular college savings account. Your money grows tax-free, and you pay no tax when you use it for school costs.3 Many states also give a tax break for putting money in. Other choices include Coverdell accounts, custodial accounts, and plain savings accounts. Savings accounts are safe but grow slowly, so they may not keep up with rising college prices.

How Your Money Grows

Money invested in a mix of stocks and bonds has often earned about 5% to 7% a year over long periods. Many 529 plans move your money into safer choices as your child gets older. That lowers your growth rate a little, but it protects your savings from a big drop right before the tuition bills start.

Simple Ways to Save More

  • Start now. Even $25 a month helps. Time matters more than the amount.
  • Use auto-transfers. Money you never see is money you do not spend.
  • Raise it each year. Bumping your amount up a little each year keeps up with rising prices.
  • Add gift money. Birthday cash, tax refunds, and bonuses can go straight to the account.
  • Save for retirement first. You can borrow for college, but not for retirement. Keep an emergency fund in place.

Also fill out the FAFSA every year your child is in college. It is free and it opens the door to grants, work-study, and low-cost federal loans.

Formulas used

Years until college
N = 18 - \text{age}
Inflation-adjusted cost of college year y
C_y = C_0 \times (1 + i)^{\,N + y - 1}
Net cost and coverage target per college year
T_y = \max(0,\; C_y - A) \times \frac{p}{100}
Total savings goal
G = \sum_{y=1}^{Y} T_y
Glide-path annual return used in year t (with r in percent)
r_t = \frac{\max\!\left(0,\; r - c(N - t)\right)}{100}, \quad c = \begin{cases} 0.0 & N-t \ge 18 \\ 0.5 & 14 \le N-t < 18 \\ 1.0 & 10 \le N-t < 14 \\ 1.5 & 6 \le N-t < 10 \\ 2.0 & 3 \le N-t < 6 \\ 3.0 & N-t < 3 \end{cases}
Projected balance at college start (monthly compounding, contributions rising 2.5%/yr)
B_{t+1} = B_t \left(1 + \frac{r_t}{12}\right)^{12} + M_t \cdot \frac{\left(1 + \frac{r_t}{12}\right)^{12} - 1}{\frac{r_t}{12}}, \quad M_{t+1} = M_t \times 1.025
Required monthly contribution to exactly meet the goal
PMT = \frac{G - FV_{\text{lump}}}{F}, \quad F = \text{FV of }\$1\text{/month over } N \text{ years}
Savings gap and balance drawdown during college
\text{Gap} = G - B_N, \qquad B_{k+1} = \left(B_k - \min(B_k, T_k)\right)\left(1 + \frac{\max(0, r - 3)}{100}\right)

Frequently asked questions

What does the coverage target column mean?

It is the dollar amount your savings need to pay for that one college year. The tool takes that year's cost, subtracts scholarships and grants, then multiplies what is left by your coverage percent.

Example: a $30,000 cost minus $3,500 in aid leaves $26,500. At a 50% goal, the target for that year is $13,250.

Why does my rate of return get lower as college gets closer?

Most college savers move money into safer choices when the first tuition bill is near. That protects you from a big drop at the worst time. The tool copies this by trimming your return each step:

  • 14 or more years left: about 0.5% less
  • 10 to 13 years: 1% less
  • 6 to 9 years: 1.5% less
  • 3 to 5 years: 2% less
  • Under 3 years: 3% less

During college, the leftover balance grows at your rate minus 3%.

Why do my monthly savings go up 2.5% each year?

College prices rise, and most pay rises too. The tool assumes you bump your deposit up a little each year to keep pace. If you plan to save the same flat amount forever, your real total will be a bit lower than shown.

Why did the college type button turn off when I typed my own cost?

The four buttons fill in average costs. Once you type your own number, the tool marks it as a custom annual cost and unhighlights the preset. Your number is still used in every result. Tap a college type again to go back to the average.

What does Match slider to my current plan do?

It moves the coverage slider to the percent your savings are already on pace to pay. It is a fast way to see what your current plan really covers instead of guessing a target.

Why does my projected balance drop in later college years?

You spend the money. Each year the tool takes out that year's coverage target at the start of the year, then grows what is left. So year 4 starts with much less than year 1.

Is the required monthly amount what I should start saving today?

Yes, it is the starting amount. It assumes you also raise it 2.5% each year. If you cannot hit that number now, save what you can and raise it later. Any amount shrinks the gap.

What if my child is 16 or 17 and I have almost no savings?

You still have choices. Lower your coverage percent, pick a cheaper school type, or plan to pay some cost from income while your child is in school. Two years at a community college first can cut the total bill a lot.

Does the total cost include books, travel, and a laptop?

Only if you add them. The preset costs cover tuition, fees, and room and board. Books, supplies, a computer, and trips home often add $1,500 to $3,000 a year. Type a higher annual cost to include them.

Why is my aid the same every year in the table?

The tool uses one flat yearly amount you enter, and it never counts more aid than that year's cost. Real aid can move each year with income, grades, and school offers. Update the number if you expect a change.

What rate of return should I pick?

Use 5% to 7% for a mix of stocks and bonds, which is the common long-term range. Use 3% to 4% if you invest more safely, and 1% to 2% for a plain savings account. Guessing high makes your plan look better than it is.

I got a lump sum. Where do I enter it?

Add it to Current College Savings if you have it now. A one-time deposit made years early has a long time to grow, so it often helps more than the same money added later.

Does saving money hurt my child's chance at financial aid?

A little, not a lot. Parent-owned 529 money is counted at a low rate on the FAFSA, and retirement accounts are not counted at all. Money in the student's own name counts more. Savings almost always beat borrowing.

Why is my savings goal smaller than the total college cost?

Two things shrink it. First, the tool subtracts your expected scholarships and grants. Then it applies your coverage percent to what is left. The rest of the bill is meant to come from loans, work, or income during school.

Sources

  1. Trends in College Pricing and Student Aid 2025. College Board. 2025;Table CP-1, Tuition and Fees and Housing and Food, 2025-26; Highlights. Accessed September 10, 2026.
  2. How America Pays for College 2026. Sallie Mae. 2026. Accessed September 10, 2026.
  3. Topic no. 313, Qualified tuition programs (QTPs). Internal Revenue Service. Accessed September 10, 2026.

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